$500 Hourly Fee Enough, Judge Says
A judge has refused to approve $4.2 million in bonuses for lawyers involved in the Northwest Airlines bankruptcy case.
U.S. Bankruptcy Judge Allan Gropper of New York City said the lawyers, who charged average rates of $500 an hour, had already earned enough, the Wall Street Journal reports (sub. req.).
The airline’s lead law firm, Cadwalader, Wickersham & Taft, had sought a $3.5 million fee enhancement. Otterbourg, Steindler, Houston & Rosen, which represented creditors, had sought a $700,000 bonus.